Losses slowing at Permanent tsb
Operating losses (before exceptional items) at Permanent tsb fell 62% to €171m in the first half of this year, compared to €449m in the same period in 2013.
Underlying Operating Profit was at €4m for the group and €13m for the core bank.
Finance Minister Michael Noonan welcomed the reduced losses as "significant progress".
Impairment charges fell 65% to €149m.
Mortgage lending increased 362% to €180m, with a market share of 13%.
The bank also reported a 14% fall in the number of customers in arrears of more than 90 days since December 2013.
More than 80% of customers in arrears are engaging with the bank, the statement said.
“2014 is a key year for permanent tsb,” said Group chief executive Jeremy Masding.
“The Group’s underlying losses are down significantly and the permanent tsb Strategic Business Unit – effectively our customer-facing business – recorded an operating profit of some €62m
“We’ve made huge progress on the arrears problem. The number of customers in arrears over 90 days is down 14%. Of those in arrears over 80% are engaging with us and we’re delivering sustainable, affordable treatments.”
“We’ve cut our reliance on ECB funding by two thirds from the peak and we have grown our customer deposits”.
“We’ve rebuilt our market share from a low of 1.6% to a very credible 13%”.
